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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
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<title>深度行研 | 垃圾发电IDC</title>
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</head>
<body class="min-h-screen p-4 sm:p-8">
<div class="max-w-screen-xl mx-auto">
<header class="text-center mb-12">
<h1 class="text-4xl md:text-6xl font-bold glowing-text">垃圾发电IDC</h1>
<p class="text-xl text-slate-300 mt-4">Waste-to-Energy Integrated Data Center</p>
<p class="disclaimer mt-6">北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现本报告为AI合成数据投资需谨慎。</p>
</header>
<main x-data="{}">
<!-- Section 1: Insight -->
<section class="mb-16">
<h2 class="section-title">概念洞察 (Concept Insight)</h2>
<div class="bento-grid">
<div class="bento-item glass-card span-12">
<h3>核心观点</h3>
<p>“垃圾发电IDC”是<strong>政策强约束</strong><strong>AI高耗能</strong>矛盾下的最优解之一,其核心逻辑在于利用垃圾焚烧发电<strong>“稳定、绿色、靠近负荷中心”</strong>的三重优势,为数据中心提供了一种<strong>高确定性的低碳能源解决方案</strong>。当前该概念正处于从“0到1”的<strong>示范项目验证期</strong>,未来潜力巨大,但规模化复制仍面临政策协同与商业模式成熟度的挑战。</p>
</div>
<div class="bento-item glass-card span-8">
<h3>核心驱动力与市场认知</h3>
<ul class="list-disc list-inside space-y-2">
<li><strong>政策驱动 (Necessity)</strong>: 这是概念成立的基石。在核心城市群IDC的<strong>能耗指标</strong>已成为最稀缺的资源。垃圾焚烧发电作为可再生能源,其电力消费<strong>不纳入能源消费总量控制</strong>为IDC项目获取建设许可提供了“绿色通道”。同时<strong>PUE &lt; 1.25</strong><strong>绿电占比 &gt; 80%</strong>的硬性要求迫使IDC运营商必须寻找传统电网之外的绿色、高效能源。</li>
<li><strong>商业驱动 (Viability)</strong>: AI算力需求不仅推高了用电量也对供电质量提出了更高要求。垃圾焚烧发电具备“绿色火电”属性年利用小时数可达<strong>6000-8000小时</strong>远超风光发电能满足智算中心24小时不间断运行的需求。此外通过<strong>蒸汽余热</strong>驱动溴化锂机组制冷可显著降低占IDC运营成本大头的制冷能耗和电费提升项目整体的经济性。</li>
<li><strong>资源禀赋驱动 (Feasibility)</strong>: 垃圾焚烧厂天然具备<strong>地理位置优势</strong>(多位于城市周边,契合边缘计算低延迟需求)、<strong>空间优势</strong>厂区面积较大可供扩建IDC<strong>能源匹配优势</strong>一个1000吨/日的焚烧厂可支撑一个约2000机柜的IDC实现了存量资产的价值重估。</li>
<li><strong>市场热度与情绪</strong>: 当前市场对该概念表现出<strong>高度乐观</strong>的情绪。普遍将其类比为<strong>“2024年美国核电+AI行情”</strong>认为稳定绿电资源的价值将在AI时代被重估赋予了极高的估值想象空间。</li>
</ul>
</div>
<div class="bento-item glass-card span-4">
<h3>关键催化与事件轴</h3>
<ul class="timeline timeline-vertical">
<li>
<div class="timeline-start timeline-box"><strong>2024年7月标杆动工</strong></div>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-primary"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
<hr class="bg-primary"/>
</li>
<li>
<hr class="bg-primary"/>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-primary"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
<div class="timeline-end timeline-box"><strong>2025年5月政策破冰</strong></div>
<hr class="bg-primary"/>
</li>
<li>
<hr class="bg-primary"/>
<div class="timeline-start timeline-box"><strong>2025年10月投运验证</strong></div>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-primary"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
</li>
</ul>
<p class="mt-4 text-xs">上海黎明智算中心项目将是模式验证的核心节点,其运营数据将直接影响市场预期。</p>
</div>
<div class="bento-item glass-card span-12">
<h3>预期差与潜在风险</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
<div>
<h4 class="font-semibold text-fuchsia-400">“隔墙售电”的理想与现实</h4>
<p>市场认为政策已扫清障碍,但路演显示仍需“专事专办”,大规模复制存在不确定性。</p>
</div>
<div>
<h4 class="font-semibold text-fuchsia-400">PUE优化的实际效果</h4>
<p>研报普遍宣传“超低PUE”但路演数据存在矛盾有观点称实际影响微小需待项目实际运行数据验证。</p>
</div>
<div>
<h4 class="font-semibold text-fuchsia-400">合作模式的复杂性</h4>
<p>市场按最乐观的算力租赁模式817%弹性估值但企业初期多从纯供能模式26%弹性)入手,实际盈利弹性可能远低于预期。</p>
</div>
</div>
</div>
</div>
</section>
<!-- Section 2: Data Deep Dive -->
<section class="mb-16">
<h2 class="section-title">数据深度挖掘 (Data Deep Dive)</h2>
<div class="bento-grid">
<div class="bento-item glass-card span-7">
<h3>核心优势:为何是“天作之合”</h3>
<ul class="space-y-3">
<li><strong>绿电属性 & 能耗指标豁免</strong>: 垃圾焚烧属可再生能源其消费不纳入能源消费总量控制可绕开城市IDC能耗指标硬约束是获取建设许可的“金钥匙”。</li>
<li><strong>供电稳定性 (绿色火电)</strong>: 年均利用小时数可达 <strong>6000-8000+</strong> 小时出力稳定远优于风光完美匹配AI算力中心24/7不间断运行需求。</li>
<li><strong>节能降耗 (PUE优化)</strong>: 利用焚烧产生的<strong>蒸汽余热</strong>通过溴化锂机组为IDC供冷理论上可大幅降低制冷能耗实现超低PUE。</li>
<li><strong>地理位置优势</strong>: 焚烧厂多布局在城市周边,与边缘计算中心需求吻合,可有效降低算力调用时延。</li>
<li><strong>规模与空间匹配</strong>: 一个1000吨/日的焚烧项目可供一个约2000机柜的IDC使用。厂区面积较大为IDC建设提供物理空间。</li>
</ul>
</div>
<div class="bento-item glass-card span-5">
<h3>供电稳定性对比</h3>
<div id="stability-chart" class="w-full h-64"></div>
</div>
<div class="bento-item glass-card span-5">
<h3>商业模式与盈利弹性</h3>
<div id="profit-chart" class="w-full h-64"></div>
</div>
<div class="bento-item glass-card span-7">
<h3>标杆案例:上海黎明智算中心</h3>
<div class="stats stats-vertical lg:stats-horizontal shadow bg-transparent w-full">
<div class="stat">
<div class="stat-title text-cyan-400">电力来源</div>
<div class="stat-value text-2xl">70% 绿电直供</div>
<div class="stat-desc">来自2000吨/日黎明垃圾焚烧厂</div>
</div>
<div class="stat">
<div class="stat-title text-cyan-400">核心技术</div>
<div class="stat-value text-2xl">余热制冷</div>
<div class="stat-desc">溴化锂机组 + LNG相变余冷</div>
</div>
<div class="stat">
<div class="stat-title text-cyan-400">投运时间</div>
<div class="stat-value text-2xl">2025年10月</div>
<div class="stat-desc">全国首个“固废+绿电+算力”项目</div>
</div>
</div>
<p class="mt-4">该项目是全国首个垃圾焚烧厂转型为“零碳综合服务商”的范例,其特许离网模式具有极高的示范效应,是验证整个商业模式可行性的关键。</p>
</div>
</div>
</section>
<!-- Section 3: Rise Analysis -->
<section class="mb-16">
<h2 class="section-title">涨停复盘 (Rise Analysis)</h2>
<div class="space-y-4">
<div class="collapse collapse-plus glass-card">
<input type="radio" name="rise-accordion" checked="checked" />
<div class="collapse-title text-xl font-medium text-cyan-300">
世茂能源 (605028) - 政策补贴与业绩共振
</div>
<div class="collapse-content">
<p><strong>核心结论:</strong> 政策补贴细则即将落地叠加业绩超预期游资锁仓共振世茂能源8月22日四连板。<br><strong>驱动概念:</strong> 垃圾发电上网电价补贴+长三角垃圾焚烧县域全覆盖+热电联产+算力中心园区节能减碳奖励<br><strong>解析:</strong> 垃圾发电上网电价补贴预期新增净利约0.38-0.56亿、长三角产能缺口、园区奖励等多重政策催化叠加2025H1净利同比+60%超预期,共同推动股价上涨。</p>
</div>
</div>
<div class="collapse collapse-plus glass-card">
<input type="radio" name="rise-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">
东湖高新 (600133) - 利润增量驱动重定价
</div>
<div class="collapse-content">
<p><strong>核心结论:</strong> 公司同步释放“长江存储三期首次盈利+垃圾焚烧发电项目并表”两份增量利润公告2025年EPS由0.42元上调至0.73元,资金次日一次性重定价至涨停。<br><strong>驱动概念:</strong> 长江存储+垃圾发电并表+半导体基金<br><strong>解析:</strong> 通过间接持有长存权益确认投资收益1.22亿同时垃圾发电项目并表模式新增年利润约1.26亿双重利好导致EPS上修75%,引发估值修复。</p>
</div>
</div>
<div class="collapse collapse-plus glass-card">
<input type="radio" name="rise-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">
杭钢股份 (600126) - IDC业务模型与估值上修
</div>
<div class="collapse-content">
<p><strong>核心结论:</strong> IDC业务盈利模型与估值同步上修市场关注度提升。<br><strong>驱动概念:</strong> 算力租赁+东数西算+公共数据授权运营<br><strong>解析:</strong> 子公司获省级算力统筹调度牌照可提供政务算力租赁2025H1 IDC收入同比暴增210%,毛利率远高于主业;入选浙江公共数据授权运营试点,预期新增可观收入。多重利好推动其从传统钢铁股向科技股转型,估值逻辑改变。</p>
</div>
</div>
</div>
</section>
<!-- Section 4: Stock Table -->
<section class="mb-16">
<h2 class="section-title">核心标的梳理 (Key Stocks)</h2>
<div class="overflow-x-auto glass-card p-4">
<table class="table w-full">
<thead>
<tr>
<th>股票名称</th>
<th>代码</th>
<th>核心逻辑</th>
<th>核心地区</th>
<th>处理规模(万吨/日)</th>
<th>垃圾发电营收占比(%)</th>
<th>其他看点</th>
</tr>
</thead>
<tbody id="stock-table-body">
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</table>
</div>
</section>
</main>
<footer class="text-center p-4 mt-12">
<p class="disclaimer">北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现。本报告基于公开数据由AI模型分析合成不构成任何投资建议投资决策需谨慎。</p>
</footer>
</div>
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});
// Stock Data Population
const stockData = { "垃圾发电IDC(250317)": { "EC9531A7-E14F-4CCC-B191-A24DFE477551.jpg": [ { "stock": "瀚蓝环境", "reason": "并购后处理规模达7.5万吨/日固废处理营收占比53%。", "其他标签": { "处理规模(万吨/日)": "3.6", "垃圾发电营收占比(%)": "<53%", "核心地区": "广东", "其他看点": "并购后7.5万吨; 固废处理营收占比53%" }, "stock_code": "600323" }, { "stock": "城发环境", "reason": "垃圾发电处理规模3.5万吨/日,核心地区在郑州、华中。", "其他标签": { "处理规模(万吨/日)": "3.5", "核心地区": "郑州、华中" }, "stock_code": "000885" }, { "stock": "旺能环境", "reason": "垃圾发电处理规模2.57万吨/日,核心地区在浙江。", "其他标签": { "处理规模(万吨/日)": "2.57", "核心地区": "浙江" }, "stock_code": "002034" }, { "stock": "永清环保", "reason": "湖南省环境治理领域的龙头处理规模0.8万吨/日。", "其他标签": { "处理规模(万吨/日)": "0.8", "核心地区": "湖南", "其他看点": "湖南省环境治理领域的龙头" }, "stock_code": "300187" }, { "stock": "福龙马", "reason": "垃圾发电处理规模0.62万吨/日,核心地区在福建、华东、华中。", "其他标签": { "处理规模(万吨/日)": "0.62", "核心地区": "福建、华东、华中" }, "stock_code": "603686" }, { "stock": "中国天楹", "reason": "垃圾发电营收占比49%处理规模0.56万吨/日。", "其他标签": { "处理规模(万吨/日)": "0.56", "垃圾发电营收占比(%)": "49%", "核心地区": "越南、深圳、东北、河南" }, "stock_code": "000035" }, { "stock": "伟明环保", "reason": "垃圾发电处理规模0.43万吨/日,核心地区在浙江。", "其他标签": { "处理规模(万吨/日)": "0.43", "核心地区": "浙江" }, "stock_code": "603568" }, { "stock": "华光环能", "reason": "垃圾发电营收占比38%处理规模0.41万吨/日。", "其他标签": { "处理规模(万吨/日)": "0.41", "垃圾发电营收占比(%)": "38%", "核心地区": "无锡" }, "stock_code": "600475" }, { "stock": "中环环保", "reason": "垃圾发电处理规模0.35万吨/日,核心地区在合肥。", "其他标签": { "处理规模(万吨/日)": "0.35", "核心地区": "合肥" }, "stock_code": "300692" }, { "stock": "军信股份", "reason": "业务内容包括绿电中心、供热中心和算力中心垃圾发电营收占比27%-52%。", "其他标签": { "处理规模(万吨/日)": "0.2", "垃圾发电营收占比(%)": "27%-52%", "核心地区": "长沙", "其他看点": "内容包括绿电中心、供热中心和算力中心" }, "stock_code": "301109" }, { "stock": "朗坤环境", "reason": "垃圾发电处理规模0.195万吨/日,核心地区在深圳、高州。", "其他标签": { "处理规模(万吨/日)": "0.195", "核心地区": "深圳、高州" } }, { "stock": "神雾节能", "reason": "控股股东旗下具备垃圾发电业务,曾尝试合并。", "其他标签": { "核心地区": "南昌", "其他看点": "控股股东旗下具备,曾尝试合并" } }, { "stock": "华西能源", "reason": "签订生活垃圾发电厂扩建项目合同金额达14.29亿元。", "其他标签": { "核心地区": "四川、武汉、老挝", "其他看点": "生活垃圾发电厂扩建项目合同金额14.29亿元" } }, { "stock": "永兴股份", "reason": "垃圾焚烧发电收入2023年达35亿元营收占比高达98%。", "其他标签": { "垃圾发电营收占比(%)": "98%", "核心地区": "广州", "其他看点": "垃圾焚烧发电收入2023年35亿元营收占比98%" }, "stock_code": "601033" }, { "stock": "长青集团", "reason": "电热联产和垃圾处理营收占比高达98%。", "其他标签": { "垃圾发电营收占比(%)": "98%", "核心地区": "中山", "其他看点": "电热联产和垃圾处理营收占比98%" }, "stock_code": "002616" }, { "stock": "飞马国际", "reason": "垃圾发电相关业务营收占比90%。", "其他标签": { "垃圾发电营收占比(%)": "90%", "核心地区": "深圳" }, "stock_code": "002210" }, { "stock": "绿色动力", "reason": "已开发100-200吨小型垃圾焚烧炉技术垃圾发电营收占比81%。", "其他标签": { "垃圾发电营收占比(%)": "81%", "核心地区": "深圳", "其他看点": "已开发100-200吨小型垃圾焚烧炉技术" }, "stock_code": "601330" }, { "stock": "圣元环保", "reason": "垃圾发电厂对外供蒸汽和供热营收占比72%。", "其他标签": { "垃圾发电营收占比(%)": "72%", "核心地区": "厦门", "其他看点": "垃圾发电厂对外供蒸汽10.42万吨对外供热39.53万GJ" }, "stock_code": "300867" }, { "stock": "雪浪环境", "reason": "垃圾发电相关业务营收占比53%。", "其他标签": { "垃圾发电营收占比(%)": "53%", "核心地区": "无锡" }, "stock_code": "300385" }, { "stock": "中科环保", "reason": "生活垃圾处理业务营收占比72%。", "其他标签": { "垃圾发电营收占比(%)": "<72%", "核心地区": "河北石家庄、浙江宁波、四川绵阳", "其他看点": "生活垃圾处理业务营收占比72%" }, "stock_code": "301175" }, { "stock": "上海环境", "reason": "拥有上海约80%的生活垃圾末端处置市场份额固废处理营收占比67%。", "其他标签": { "垃圾发电营收占比(%)": "<67%", "核心地区": "上海", "其他看点": "拥有上海约80%的生活垃圾末端处置市场份额固废处理营收占比67%" }, "stock_code": "601200" }, { "stock": "海天股份", "reason": "垃圾发电相关业务营收占比4%。", "其他标签": { "垃圾发电营收占比(%)": "4%", "核心地区": "成都" }, "stock_code": "603759" }, { "stock": "三峰环境", "reason": "正在推动垃圾发电IDC相关准备工作。", "其他标签": { "垃圾发电营收占比(%)": "<3%", "核心地区": "重庆", "其他看点": "推动相关准备工作" }, "stock_code": "601827" }, { "stock": "泰达股份", "reason": "已投入运营的生态环保项目22个垃圾发电营收占比1%。", "其他标签": { "垃圾发电营收占比(%)": "1%", "核心地区": "天津", "其他看点": "已投入运营的生态环保项目22个" }, "stock_code": "000652" }, { "stock": "维尔利", "reason": "从事餐厨垃圾发电业务。", "其他标签": { "核心地区": "绍兴", "其他看点": "餐厨垃圾发电" }, "stock_code": "300190" }, { "stock": "天源环保", "reason": "固废处置资源化业务占比38%。", "其他标签": { "核心地区": "孟州市", "其他看点": "固废处置资源化38%" } }, { "stock": "高能环境", "reason": "拥有12个垃圾发电项目。", "其他标签": { "核心地区": "江苏泗洪县", "其他看点": "12个垃圾发电项目" }, "stock_code": "603588" } ] } };
const stocks = stockData['垃圾发电IDC(250317)']['EC9531A7-E14F-4CCC-B191-A24DFE477551.jpg'];
const tableBody = document.getElementById('stock-table-body');
stocks.forEach(stock => {
const row = document.createElement('tr');
const codeCellContent = stock.stock_code
? `<a href="https://valuefrontier.cn/company?scode=${stock.stock_code}" target="_blank" class="text-cyan-400 hover:underline">${stock.stock_code}</a>`
: 'N/A';
const tags = stock['其他标签'] || {};
const scale = tags['处理规模(万吨/日)'] || 'N/A';
const revenue = tags['垃圾发电营收占比(%)'] || 'N/A';
const region = tags['核心地区'] || 'N/A';
const others = tags['其他看点'] || 'N/A';
row.innerHTML = `
<td class="font-semibold text-white">${stock.stock}</td>
<td>${codeCellContent}</td>
<td class="text-sm max-w-xs">${stock.reason}</td>
<td>${region}</td>
<td>${scale}</td>
<td>${revenue}</td>
<td class="text-sm max-w-xs">${others}</td>
`;
tableBody.appendChild(row);
});
});
</script>
</body>
</html>